ROUYN-NORANDA, QUEBEC, Oct. 18, 2010 (Marketwire) -- Pershimco Resources Inc. (the "Corporation") (TSX VENTURE:PRO) (FRANKFURT:BIZ) is proud to announce the closing of a private placement of $3,140,000 at a price of $0.35 per unit (the "Private Placement"), as well as $980,000 at a price of $0.45 per common share (the "Flow-Through Placement").
Each unit is comprised of one common share and one-half of a warrant, each whole warrant entitling its holder to purchase one common share at a price of $0.50 per common share for a period of 12 months.
The proceeds from the Private Placement will be namely used for exploration work on the Courville project (Quebec) and the Cerro Quema project (Panama), for the payment of sums related to the acquisition of the shares of Minero Cerro Quema S.A. (Panama), as well as for the working capital of the Corporation. The proceeds from the Flow-Through Placement will be used for exploration work on the Courville project (Quebec).
A fee of $50,000 and 517, 444 warrants were paid and issued within the scope of the financing. The warrants were issued to Jennings Capital Inc. and are exercisable for 24 months at $0.50 per common share.
The Private Placement and Flow-Through Placement are subject to the final approval of the TSX Venture Exchange. Each common share issued pursuant to the Private Placement and Flow-Through Placement will be subject to a 4 month holding period.
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resource exploration corporation holding strategic gold and base metal properties located in Quebec, Canada and in Latin America, with a goal of efficiently advancing these properties towards feasibility and development.
The Corporation's documents are available on www.sedar.com.
For more information, please visit the Corporation's website at www.pershimco.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Pershimco Resources Inc.
President and Chief Executive Officer